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Canada Emergency Business Account

• CEBA will provide qualifying businesses and not-for-profit organizations a loan of up to $40,000 to help cover their operating costs during a period where their revenues have been temporarily reduced, due to the economic impacts of the COVID-19 virus.
• No interest or principal repayments are required until December 31, 2022.
• If at least 75% of the loan is repaid by December 31, 2022, then the financial institution will forgive the remaining balance of the loan.
• Therefore, on a $40,000 loan up to $10,000 of the loan will be eligible for loan forgiveness if $30,000 is fully repaid on or before December 31, 2022.
• If the loan is not repaid by December 31, 2022, the remaining balance will be converted to a three-year term loan at 5 per cent interest.
• The loan can be repaid at any time without penalty and no principal payments are required until December 31, 2025 when the full amount of the loan is due.

• A Canadian operating business in operation as of March 1, 2020
• Annual payroll of between $50,000 and $1 million as reported in box 14 of the organization’s 2019 T4 Summary of Remuneration Paid (T4SUM)
• An active business bank account with a primary financial institution that was opened on or before March 1, 2020

Canadian Emergency Wage Subsidy- Update

On April 8, 2020, The Government of Canada is taking immediate, significant and decisive action to support Canadians and employers facing hardship as a result of the global COVID-19 outbreak.

1. To measure revenue loss, it is proposed that all employers have the flexibility to compare their revenue of March, April and May 2020 to that of the same month of 2019, or to an average of their revenue earned in January and February 2020.
2. For March, the 30-per-cent benchmark has been reduced to 15 per cent, in recognition of the fact that many businesses did not begin to be affected by the crisis until partway through the month.
3. In recognition that the time between when revenue is earned and when it is paid could be highly variable in certain sectors of the economy, it is proposed that employers be allowed to measure revenues either on the basis of accrual accounting (as they are earned) or cash accounting (as they are received). Special rules would also be provided to address issues for corporate groups, non-arm’s length entities and joint ventures.
4. Registered charities and non-profit organizations would also be able to benefit from the additional flexibilities being provided to employers with respect to the revenue loss calculation. In addition, to recognize that different types of organizations are experiencing different types of funding pressures, it is proposed that charities and non-profit organizations be allowed to choose to include or exclude government funding in their revenues for the purpose of applying the revenue reduction test.

Click here to read more about the Canadian Emergency Wage Subsidy update.

COVID-19 Financial Relief for Canadians- summary

Since the beginning of March, restrictions and measures related to COVID-19 have rapidly escalated. On March 18, 2020, the Government of Canada announced a series of mesaures designed to help Canadians. Since then, new possibilities have been introduced and old ones have been adjusted.

Click here to read a summary of the financial relief for Canadians.

Ways to drop off your tax information to our office

We have been proactively taking measures to limit the spread of COVID-19, and are continuing to restrict access to our office to only Ritchie Shortt Tully & LLP team members until further notice.

We understand you may have some questions, as our normal process has changed, during this unprecedented time. Below you will see some of our frequently asked questions and answers to help guide you through this unfamiliar time.

How can I submit my tax information to your office?

1. Place your documents in an envelope and drop them in our secure drop box located at the back of our building in the most northern door (closest to the street).
2. Sign up for our secure client portal! To obtain access to our Client Portal, please email our office and provide the email address that you would like to use as your Login. Please note that this is the email address that will receive notifications when documents are added to your Client Portal.
3. Mail or courier your tax information to us

If possible, please print and sign the following items and include them with your tax information:

1. Engagement Letter
2. Personal Income Questionnaire

If you don’t have a printer, there are copies of the Engagement Letter and the Personal Income Questionnaire as well as envelopes available in the vestibule at the front of the office (area between the front door and the reception door). Note that the door to enter our reception area is not open.

How will I receive my completed tax return?

Someone from our office will contact you when your return is completed, to determine what the best method of delivery is.

How can I pay my invoice?

For your convenience, our office offers a variety of ways to pay your invoice.

1. Send an eTransfer to payments@rstaccountants.com.
2. Mail or drop off a cheque in our drop box at the back of the building.
3. You can call our office and make a Visa or MasterCard payment over the phone.

To read more about our payment options click here.

If you have any other questions, please feel free to contact our office at 905-668-7788.

Stay safe and healthy!

Support for families

• $200 for children aged 0 to 12
• $250 for children or youth aged 0 to 21 with special needs

• the name of your child’s school and school board (if applicable)
• your child’s date of birth
• your banking information
• a valid email address

How to register for CRA My Business Account

75% Wage Subsidy- Additional Information

Canada Emergency Response Benefit

How to get set up with CRA My Account

CRA My Account is a secure portal that lets you view your personal income tax and benefit information and manage your tax affairs online.

1. your social insurance number;
2. your date of birth;
3. your current postal code and;
4. an amount you entered on your income tax and benefit return, so have your return on hand (the line requested will vary and it could be from the current tax year or the previous one).

The Canada Emergency Response Benefit will be accessible through My Account secure web portal starting in early April.

Click here to register. (Watch the short instructional video on how to get set up.)

Please click here to read more about My Account.

WSIB Financial Relief Package

The Workplace Safety and Insurance Board (WSIB) has announced a financial relief package which will allow the deferral of premium reporting and payments until August 31, 2020. Businesses which report and pay monthly, quarterly or annual premiums are eligible for the deferral. The deferral applies to payments due on the following dates: